Worldwide apparent steel demand is expected to decline by 14.9 percent to 1,018.6 million metric tons in 2009, but should stabilize in the latter part of the year, according to a forecast by The World Steel Association. The worldsteel Board reviewed the forecast for 2009 at its meeting in London April 26. Daniel Novegil, chairman of the worldsteel Economics Committee, said: "The progression of the U.S. financial crisis into a global economic crisis brought about a massive and regionally synchronized global decline of steel demand in late 2008. For most of the world this trend has continued into the first quarter of 2009. Improvement in steel consumption for the second half of 2009 will depend on the effects of government stimulation packages, the continued stabilization of financial systems and a return of some consumer confidence."
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